Crypto.com launches US institutional protection service
Crypto.com has launched an institutional escrow service as part of a broader plan to expand its presence in the United States, the crypto exchange announced on December 23, 2010.
Dubbed the Crypto.com Custodial Trust Company, the chartered trust is qualified to hold assets for US institutions and high-net-worth individuals, according to Crypto.com.
Digital assets held by Crypto.com's US and Canadian customers will be migrated to the Crypto.com Custody Trust Company “in the coming weeks,” the exchange said.
“This step shows our confidence in North America[n] Market,” Crypto.com CEO Chris Marszalek said in a statement.
It also enhances Crypto.com's roadmap to “build our business and presence in the two most important and active crypto markets in the world – the US and Canada,” Marsalek said.
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Regulated crypto businesses. Source: NYDFS
American expansion plans
In December, US President-elect Donald Trump met with Marszalek at Trump's Mar-a-Lago home to discuss crypto policies.
On the same day, Crypto.com dropped its lawsuit against the US Securities and Exchange Commission, citing “its desire to work with the incoming administration on a regulatory framework for the industry.”
As Trump began his presidency in January, he said he wanted the US to be the “crypto capital of the world” and tapped pro-industry leaders to lead key regulatory agencies.
Crypto.com is headquartered in Singapore and will launch in the US in 2022, initially for institutional investors only. In the year In 2023, the exchange service was discontinued in the country, but has since changed course.
In October, Crypto.com acquired SEC-registered broker-dealer Watchdog Capital to expand its US footprint.
Controlled guards
Regulated digital asset custodians are proliferating in the US. In September, US crypto guardian Bitgo launched a regulated platform designed to protect and manage Web3 protocols' native tokens.
In August, Cointelegraph reported that FireBlocks — itself best known for its treasury management products — received approval from New York's financial regulator to hold assets of US clients.
Other institutional crypto companies — including Coinbase Custody Trust, Fidelity Digital Asset Services and Anchorage Digital NY — have also been granted similar licenses.
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